August 27, 2009

Report: Vick bankruptcy plan approved

A federal bankruptcy court in Newport News, Va., has accepted the bankruptcy plan of Philadelphia quarterback Michael Vick.

The decision Thursday was made hours before he plays for the Eagles in a pre-season game against Jacksonville at Philadelphia's Lincoln Financial Field.

The plan, approved by U.S. Bankruptcy Judge Frank J. Santoro, calls for Vick to live off $300,000 a year, and use the rest of his salary to pay creditors and save for the future, the Newport News, Va., Daily Press reported.

Vick, 29, who served prison time and missed two NFL seasons after being convicted of federal dogfighting charges, is scheduled to earn $1.63 million this year, with the Eagles having an option to renew the contract in 2010 for $5.2 million.

The 2010 contract also includes incentives that could boost Vick's income next year by $2.8 million.

Mr. Vick went from the height of wealth and celebrity to imprisonment, and back again ... and he is to be commended for that, Santoro said during his ruling.